Needham & Company LLC Reaffirms Buy Rating for Udemy (NASDAQ:UDMY)

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They currently have a $11.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 9.89% from the stock’s current price.

Several other research firms have also weighed in on UDMY. Cantor Fitzgerald cut their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Scotiabank started coverage on Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.82.

Udemy Trading Up 28.0 %

Shares of NASDAQ:UDMY opened at $10.01 on Friday. Udemy has a 1 year low of $6.67 and a 1 year high of $12.07. The business has a fifty day simple moving average of $8.07 and a 200 day simple moving average of $7.99. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -15.89 and a beta of 1.85.

Udemy (NASDAQ:UDMY) last posted its earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The company had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. On average, sell-side analysts forecast that Udemy will post -0.47 EPS for the current year.

Insider Activity

In other news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $8.71, for a total value of $87,100.00. Following the completion of the transaction, the chief executive officer now owns 1,183,086 shares of the company’s stock, valued at $10,304,679.06. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the transaction, the insider now directly owns 13,920,840 shares of the company’s stock, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Udemy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in Udemy in the 3rd quarter worth $30,000. SBI Securities Co. Ltd. acquired a new position in Udemy in the 4th quarter worth $31,000. Quarry LP acquired a new position in Udemy in the 4th quarter worth $34,000. Nisa Investment Advisors LLC boosted its stake in Udemy by 496.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company’s stock worth $59,000 after purchasing an additional 6,010 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in Udemy in the 3rd quarter worth $75,000. 79.48% of the stock is owned by institutional investors and hedge funds.

About Udemy

Udemy, Inc, a learning company, that operates a marketplace platform for learning skills in the United States and internationally. The company offers skill acquisition, development, and validation courses for organizations and individuals, through direct-to-consumer or Udemy Business offerings in various languages.